Shiva Cement Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018

Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018

1. The above results for the quarter and Nine months ended December 31, 2018 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on January 24, 2019.

2. Effective 1st April 2018 the company has adopted IND AS 115 "Revenue from contract with customers" Based on the assessment done by the management, there is no material impact on revenue recognised during the quarter and Nine months ended December 31.2018.

3. The Company is primary engaged In the business of manufacturing and sale of Cement and Cement rotated products All other activates of the Company revolve around the main business and accordingly there are no separate reportable segments, as per the Indian Accounting Standard on Operating Segments' (Ind AS 108) specified under Section 133 of the Companies Act. 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.

4. Effective 01/07/2017 Sales are recorded net off GST whereas earlier sales were recorded gross of excise duty which formed part of expenses Hence, revenue from operations for Nine month period ended 31/12/2017 are not comparable with corresponding figures

5. During Nine months ended the Company has incurred a loss of Rs. 588.27 lakhs and as of the date the Company's accumulated loss amount to Rs. 6.449.33 lakhs respiting in erosion of networth of tie Company The management is hopeful of improving the performance of the company by exploring various avenues of enhancing revenue. The said measures taken are expected to improve the performance of the Company and accordingly the financial statements continue to be presented on a going concern basis.

6. The figures of quarter ended December 31, 2018 are the balancing figures between the unaudited figures in respect of the Half year and unaudited figures of nine months ended for the relevant financial year which was subjected to the limited review by the statutory auditors.

7. The figures for the previous periods have been regrouped / reclassified / restated wherever necessary in order to make them comparable with figure for the quarter and nine months ended December 31, 2018.

Manoj Kumar Rustagi
Whole Time Director